US Treasury blacklists two UK crypto exchanges over alleged IRGC-linked USDT flows

On January 30, 2026, the Office of Foreign Assets Control (OFAC) designated two UK-registered crypto firms, Zedcex Exchange Ltd. and Zedxion Exchange Ltd., accusing them of processing funds linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). OFAC said the moves mark the first time entire digital-asset platforms have been sanctioned under Iran-specific measures, alleging nearly $1 billion in IRGC-related transactions were processed, primarily using Tether (USDT) on the Tron network.

The agency noted Zedcex — registered in August 2022 — has processed over $94 billion in total transactions. Treasury officials tied the exchanges to Iranian businessman Babak Morteza Zanjani and alleged he resumed activity after a 2024 commuted death sentence to launder funds for the regime and support IRGC-linked projects.

"Treasury will continue to target Iranian networks and corrupt elites that enrich themselves at the expense of the Iranian people," said Treasury Secretary Scott Bessent. The sanctions are part of a broader US crackdown on Iranian officials and networks accused of repressing protesters; senior figures targeted include Interior Minister Eskandar Momeni Kalagari and several IRGC commanders.

Independent estimates cited in reporting suggest as many as 30,000 protesters have died during recent crackdowns, and authorities reportedly use mass burials and clandestine medical networks to conceal fatalities.

zedcex exchange ltd, zedxion exchange ltd, babak morteza zanjani, office of foreign assets control, ofac designation, us treasury sanctions, scott bessent, tether usdt, tron network, islamic revolutionary guard corps, crypto sanctions evasion, iran protest crackdown